Capitalization Overview


Credit Metrics 

Affirmed by Fitch and Moody's rating agencies in Q2 

↑

Ba2 / BB / BB+ 
Current Corporate Issuer Rating 

$6.9B 
Total Unencumbered Assets 

1.69x 
Fixed Charge Coverage Ratio 

1.51x* 
Unencumbered Assets to Unsecured Debt 

$31.2B 
Total Capitalization 

<figure type="CHART">Adjusted Debt-to-Equity Ratios



<description>A bar chart illustrating Adjusted Debt-to-Equity Ratios. The chart compares two scenarios: a baseline 'On-Balance Sheet' leverage and a total leverage including 'Off-Balance Sheet' securitized financing.</description>

<table>
<thead>
<tr>
<th>Category</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td>Baseline (Left Bar)</td>
<td>2.74x</td>
</tr>
<tr>
<td>Total (Right Bar)</td>
<td>3.41x</td>
</tr>
</tbody>
</table>



<description>The left bar represents 'Adjusted On Balance Sheet Leverage' with a value of 2.74x. The right bar is a stacked bar representing the total ratio of 3.41x, composed of a dark blue base labeled 'On-Balance Sheet' and a light blue top section with a dashed border labeled 'Off-Balance Sheet'.</description>

Legend:
- Dark Blue: Adjusted On Balance Sheet Leverage (10)
- Light Blue: Securitized Financing (ABSs, CLOs & SASB)</figure>

*Proforma for the (i) $500M issuance of senior unsecured notes due 2029; (ii) $500M repayment of senior unsecured notes due January 2027
and (iii) $400M repayment of senior unsecured notes due July 2026, which all occurred in July 2026


STARWOOD PROPERTY TRUST


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